accounting ch1

things the company buys on creditsponsible for financial obligations and debts owed to the creditors.

things that benefit the business, things they own or have control of (cash,land,supplies,future payments on credit)

all my expenses, utilities, rent, common stock, dividends, revenue.

Give service but pay at another time.

$ made for goods/services given.

Expenses > Revenues

Revenues > Expenses

$ "earnings" given to share holders (stock holders)

The cost of selling goods/services. $ spent to keep the company running.

Liability+Equity=Assets

Accounts Receivable